Continental has asked banks for more time to pay off about 11 billion euros ($14.59 billion) worth of loans, a spokeswoman for the company said on Friday.
Full story...
The Swedish government has presented a 25 billion kroner (US$3.4bn) support package to help its automotive sector. The plan - still requiring lawmakers' approval - offers credit guarantees, emergency loans and research funds to boost automotive companies.
Full story...
Daimler has announced that Wilfried Porth will become its new board member for human resources and labor relations director. Porth starts his new job on April 8, 2009, following Daimler's annual general meeting. He has a three-year contract.
Full story...
Hopes of a pre-Christmas rescue of Detroit's Big Three automakers - in particular General Motors and Chrysler which are fast running out of cash - faded last night after a Democrat-sponsored bill that passed the House of Representatives was torpedoed by Republicans in the Senate by 52 votes to 35 with 10 Republicans joining 40 Democrats and 2 independents in favour.
Full story...
Hopes of a pre-Christmas rescue of Detroit's Big Three automakers - in particular General Motors and Chrysler which are fast running out of cash - faded last night after a Democrat-sponsored bill that passed the House of Representatives was torpedoed by Republicans in the Senate by 52 votes to 35 with 10 Republicans joining 40 Democrats and 2 independents in favour.
Full story...
Amidst the doom and gloom there is some positive news from Daimler. It has acquired a 10% stake in Russian truck manufacturer Kamaz for US$250m.
Full story...
The German automotive industry trade association, Verband der Automobilindustrie (VDA) is considering setting up a fund to support suppliers in trouble.
Full story...
High debt levels are causing concern at German automotive supplier Continental and Schaeffler, which is in the process of taking it over.
Full story...
Talks between the German government and carmaker Opel are continuing and Berlin stands ready to decide on providing guarantees to the company before Christmans if it needs help, the Economy Ministry said on Friday.
Full story...
Workers at General Motors' Opel could take a stake in the company in return for concessions, a magazine said Friday.
Full story...
Volkswagen's Czech unit Skoda will halt work on Fridays in the first half of 2009 due to the lasting financial crisis, Czech news agency CTK reported, citing a spokesman.
Full story...
Ford Focus Revealed, VW Scirocco, Mercedes Fascination Driven, Lambo Powered Audi R8, Honda's Hybrid revealed
Full story...
The Senate late on Thursday failed to craft a Detroit 3 bailout that would have rolled back UAW wages and benefits to the level of North America's transplant automakers.
Full story...
The U.S. Treasury Department maintains that a $700-billion bailout fund approved by Congress is best used in trying to stabilize the nation's troubled financial sector and a spokeswoman indicated on Thursday night that was unlikely to change.
Full story...
The U.S. Treasury Department maintains that a $700-billion bailout fund approved by Congress is best used in trying to stabilize the nation's troubled financial sector and a spokeswoman indicated on Thursday night that was unlikely to change.
Full story...
Chrysler LLC's suppliers have begun asking for cash on delivery for auto parts, the Associated Press reported late Thursday, citing an interview with executives.
Full story...
A few automakers are turning their backs on the auto show in Motor City, but that won't stop the venue from being an exciting one.
Full story...
Dyson Racing and Mazdaspeed Motorsports have joined forces for a long-term partnership in American Le Mans sports car racing.
Full story...
The automotive world is shrinking by the second. After Volkswagen, BMW is now selling diesel-powered cars in North America. A 3-Series sedan called 335d and a new variant of the X5 known as the xDrive35d are now part of the brand's portfolio. Wolfsburg's TDI monopoly will soon be no more. A new market segment is fast emerging and the 2009 BMW 335d, the first premium compact sedan to run on diesel in Canada, represents the tip of this iceberg.
Full story...
The World Motor Sport Council of the FIA met in Monaco on December 12, 2008. The following decisions were taken in regards to the future of Formula 1.
Full story...
With the current economy the last thing you need is for your vehicle to break down. Whether your driving a reliable car or a busted up